Indices end flat on Friday, Nifty holds 10,550; TCS gains 7%


Benchmark indices were flat on Friday even as minutes of the central bank’s policy panel meeting stoked expectations of an interest rate hike, with losses in financials and metals overshadowing gains in information technology stocks.

The S&P BSE Sensex ended at 34,416, down 12 points while the broader Nifty50 index settled at 10,564, down 1 points.

The rupee dropped to its lowest in more than a year following a hawkish tone in the minutes, released on Thursday, of the Reserve Bank of India’s monetary policy committee (MPC) meeting that took place earlier this month.

Among sectoral indices, the Nifty PSU Bank index slipped nearly 2.5% led by a fall in shares of Bank of India and IDBI Bank.

Investors cheered the results of Tata Consultancy Services, sending its shares to an all-time high of Rs 3,421 after the country’s top software services exporter posted its biggest-ever profit on Thursday.

Prakash Constrowell share price rallied 10% after the company has been declared L-1 bidder by the MCGM (Municipal Corporation of Greater Mumbai) for the new project Dumpsite Reclamation at Mulund Dumping Ground (MDG) in Mumbai by adopting suitable technology for existing garbage dump.

J B Chemicals & Pharmaceuticals fell 2.33% to Rs 312.65 on BSE after the company said it received an order from Pollution Control Committee, Daman for closure of its formulation manufacturing facility at Daman.

They were once seen as among India’s most promising growth stories. Now, however, the fate of ABG Shipyard, Alok Industries and Lanco Infratech is seen as near-certain but in the opposite direction. With huge debt, few takers for their assets and the whopping write-offs (‘haircuts’) that banks are likely to take on the loans given to these companies, industry experts believe liquidation of the trio are among the few options. All three have defaulted on their huge payment obligations.

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Sensex ends flat but up 2% for the week, Nifty settles below 10,350


The Nifty50 index pared gains to end in negative after hitting record highs earlier in the session, as Yes Bank slumped nearly 10% on concerns over bad loans. The Sensex ended flat but at new closing high for the day.

The NSE Nifty and BSE Sensex were gained more than 1.5% each for the week after the cabinet’s decision to inject $32.4 billion into state-run lenders over the next two years boosted sentiment.

Reliance Industries, oil marketing companies, metals, Bharti Group, select banks and technology stocks saw selling pressure whereas NBFCs, Tata Group stocks, ICICI Bank and ITC supported the market.

State-run oil marketing major, Indian Oil, reported a fall of 18.7% in its net profit for September quarter at Rs 3,696 crore against Rs 4,548 crore during the previous quarter. The revenue came in 13.7% lower at Rs 1.1 lakh crore against Rs 1.28 lakh crore quarter on quarter.

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Nifty ends below 9,600, down almost 1% for the week; Nifty IT slips 0.8%


Benchmark indices swung between gains and losses on Friday to end the day flat amid lack of global as well as domestic cues. Nifty50 settled the week 0.8% lower, its first weekly loss in six weeks, breaking its longest gaining streak since late 2014 while Sensex ended the week 0.6% lower.

Gains were capped by a sharp correction in pharma and IT stocks on worries over their earnings outlook while ITC, Tata Motors continued to support the market.

The S&P BSE Sensex settled at 31,056, down 19 points, while the broader Nifty50 ended at 9,588, up 10 points.

In the broader market, the S&P BSE Smallcap pared gains to finish 0.1% higher after rising 0.5% to hit its record high, while the S&P BSE Midcap index was up 0.2%.

Pharma was the top losing index amid worries about their earnings outlook because of pricing pressures in the United States, down 1.8%. Lupin was the biggest laggard on the index, down over 4% followed by 4% Divi’s Lab, Cadila Healthcare, Sun Pharma and Cipla.

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Benchmark indices settle on Friday near 5-month high; HDFC Bank up 3.6%


Benchmark indices settled the day higher, gaining for the fourth straight week driven by financials even after RBI put HDFC Bank back in the FII ban list.

The Central Bank said the private bank has crossed overall limit of 74% of its paid-up capital and no further purchases of shares the bank would be allowed via exchanges for FIIs. It had allowed allowed foreign investors to resume buying in the private bank earlier.

Nifty50 rose as much as 1.3% during the early morning trade led by HDFC Bank after it gained 9.5% to a record high of Rs 1,454.

The S&P BSE Sensex settled the day at 28,469, up 167 points, while the broader Nifty50 ended at 8,822, up 44 points.

In the broader market, BSE Midcap and BSE Smallcap gained 0.5% and 0.4% respectively.

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Nifty ends the week below 8,350 on poor Q3 results


Benchmark indices continued trading under pressure as investors remained cautious ahead of inauguration speech of Donald Trump as US President and after disappointing Axis Bank’s earnings.

Nifty 50 breached its 8,400 level dragged by Axis Bank, Bank of Baroda, Adani Ports and ACC while BSE Sensex fell as much as 296 points at intra-day.

S&P BSE Sensex settled the day at 27,034, down 274 points, while the broader Nifty50 ended at 8,349, down 85 points.

Among broader markets, BSE Midcap index fell 1.5% while BSE Smallcap index fell 0.1.2%.

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